There may be another factor creating so much wealth among millennials: inheritances. In what’s known as “the great wealth transfer,” baby boomers are expected to pass down between $70 trillion and $90 trillion in wealth over the next 20 years. Much of that is expected to go to their millennial children. High-net-worth individuals worth $5 million or more will account for nearly half of that total, according to Cerulli Associates.
Tensions between millennial classes are likely to escalate as more wealth is transferred in the coming years. Wealth displays on social media by millennial “nepo babies” could add to the intra-generational class war and drive nonwealthy millennials to overspend or create the appearance of lavish lifestyles to keep up.
Like hell I’m going to spend money to look rich.
No shit. I have to work my ass off to make pretty decent money, and I’m not about to piss it on fancy shit to make other people think I’m well off, I’m going to spend it on thing that my wife and I enjoy. I couldn’t care less about what people think I’m worth, that’s also why I left the So Cal beach cities and moved to the mountains.
Plus, it just makes you a target for robberies.
It’s so dumb and insecure. I don’t give a flying fuck about this peacock culture. You got to realize 90% of the time people think about themselves and really aren’t paying as much attention to you as you build up in your head. I care about assholes using their wealth to fuck others over - that’ll get my hate - not envy.
The “aspirational spending” is real. It’s all over. It’s why you can finance just about everything on Amazon these days.
I’m shocked how many websites provide financing options for places like Klarna, and similar. I saw it start a few years ago, and my first thought was, “oh boy, this can’t be good”
“aspirational spending” and products on Amazon do not really go hand in hand, but i see your point.
Wealth displays on social media
Crazy idea, so just hear me out.
What if we all just avoided those shitty apps?
I’m 40 and a millennial. Who are these writers that fantasize about how my peers and I spend to “appear wealthy”?
Because that’s what their generation did so they assume we will follow along.
The surge in wealth among millennial heirs is also creating a lucrative new market for wealth-management firms, luxury companies, travel firms and real estate brokers.
Leaches.
